Manager Of Minority Fund Absconds With $400,000

Law360, New York (November 29, 2005, 12:00 AM EST) -- An investment fund manager who allegedly stole $400,000 million from a fund set up to benefit minority owned businesses has been sued by federal prosecutors, four years after the fund collapsed.

In a complaint filed in the U.S. District Court for the Eastern District of Missouri, prosecutors allege that Byron Winton, the manager of now-defunct Civic Ventures Investment Fund, took a $350,000 fee from the fund as it teetered on the brink of bankruptcy.

According to the complaint, “defendant breached his fiduciary duty by his negligence,...